An Employment Scam in the Financial Services Industry
A Warning for Recent College Grads and Others New to the Financial Services Industry

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This section involves getting information about a firm, warning others if you've been a victim, and pooling resources for prosecution. See also the "Researching Your Firm" section on the Links & Resources page.


2. PUBLIC FORA. Before you decide to spill your story on a website, no matter how true it is, you need to review the "anti-SLAPP" section on the "Prosecution" page. Take great care with how you solicit information about a firm, attempt to warn others, or solicit others to pool funds towards prosecution.

Here are a few. Mind your language and avoid getting sued and having your posts removed.


GENERAL "COMPLAINT" SITES. If your firm refuses to aid in resolving your complaint, sharing it publicly may help exert some pressure as well as alert others.

  • / Note that RipOffReport runs a "Corporate Advocacy Program" in which a maligned company can pay RipOffReport for their "investigation" and "approval" as a company consumers should "have confidence in". I personally appreciate RipOffReport's value as a site where consumers can complain or read about complaints about companies, but I am very highly suspicious of the website operator then charging these same companies for cleaning up their "record" there. I personally have exactly ZERO faith in that program.
  • As the name implies, this site lets visitors "vent" about their jobs, both good and bad. If posting there, do try to follow JobVent's posting guidelines, but although JobVent tells companies that simply not agreeing with a complaint is not enough to warrant removing it, I've seen JobVent cave to threats and remove posts that did not violate their rules. Because of this, remain cautious about relying on JobVent's ratings system.
  • September 2005 - site is down.

"COMPLAINT" SITES AGAINST INDIVIDUAL FIRMS. Your firm may have generated enough ill-will to earn its own critical website(s).


HELP STOP THE SCAM. REPORT DECEPTIVE ADS TO NEWSPAPERS AND OTHER MEDIA WHERE THEY WERE ADVERTISED!!! If you were recruited through a newspaper or online job search site, report the exact nature of the deception occurring within its media. Most media have a public responsibility to remove fraudulent job postings and will do so if enough complaints are received. (See's policy here.) Many media guidelines state that a job advertiser must offer bona fide employment, not an independent contractor or commission gig (these must be posted under "business opportunities" or "sales positions"). Of course, some media may consider an advertiser's money more important than any obligation to the public. They also need good reason to turn away that money -- you'd better provide them with solid proof.

Remember, scammer firms cannot remain solvent if they cannot recruit, so your participation in this can aid in shutting them down when other regulatory actions fail or take too long in catching up.

Back Next

The next section of Links and Resources is highly recommended reading. It includes lots of material relevant to both the financial industry and MLMs in general. I highly recommend reading my article "ALL YOU NEED TO KNOW ABOUT MLM", which gives you an overview of how the financial services industry and others have changed since adopting MLM-like structures, almost entirely to the detriment of those work forces.